About Economics

Following are some of the multiple choice questions on the Economics with answers that will help the students in developing their knowledge.

Economics MCQ

1. What is a producer?

  • a person who gives goods away
  • things people would like to have
  • the exchanged of goods and services without the use of money
  • a person, company, or country that makes grows, or supplies goods for sale

2. What is demand?

  • the amount of an item you have
  • how many people want your good/service
  • the money you have left over after you paid your bills
  • None of these

3. What is a consumer?

  • a person who takes things
  • a person who purchases goods and services for personal use
  • a person who takes good away
  • the economic factors affecting the price, demand, and availability of a commodity

4. What is profit?

  • the amount of an item you have
  • how many people want your good/service
  • the money you have left over after you paid your bills
  • None of these

5. Interdependence means

  • One country depends on another
  • Two countries depend on another country
  • Two countries economies rely on each other
  • Taxes are higher

6. What is supply?

  • the amount of an item you have
  • how many people want your good/service
  • the money you have left over after you paid your bills
  • Both A & B

7. What is Gross Domestic Product?

  • Goods, services, and intermediate products bought by people in other countries.
  • the total value of goods produced and services provided in a country during one year
  • The amount of output the average worker can produce in an hour.
  • None of these

8. What is a need?

  • Nothing
  • Something you have to have to live
  • Something you would like to have
  • Ice cream

9. What is consumption?

  • How a good is moved
  • How a good is created
  • How a good is used
  • How a good is destroyed

10. Another word for money

  • barter
  • economics
  • currency
  • price

11. What is a want?

  • A person
  • Something you would like to have but don't need to live
  • Purple
  • Something you need to live

12. What is a free market economy?

  • An economy based on supply and demand with little or no government control
  • The international exchange of goods
  • An economy in which decisions are made by the government
  • An economy that is communist

13. Which of the following is not a service?

  • Dry Cleaner
  • Car Wash
  • Clothes
  • Babysitter

14. Income set aside for unexpected expenses

  • savings
  • goods
  • services
  • producer

15. A person who buys goods and services

  • consumer
  • entrepreneur
  • resource
  • currency

16. Economic System where there is limited technology and ideas are passed down from generation to generation

  • Command
  • Traditional
  • Mixed
  • Market

17. The majority of the least developed countries can be found on which continent?

  • Africa
  • Asia
  • Europe
  • South America

18. Basic things humans need to survive

  • need
  • want
  • import
  • demand

19. A general increase in prices

  • price
  • inflation
  • scarcity
  • demand

20. What type of economy does the United States have?

  • traditional
  • mixed
  • command
  • market

21. Not having enough

  • scarcity
  • supply
  • human resouce
  • taxes

22. Tools we use to make products

  • capital resources
  • human resources
  • natural resources
  • entrepreneurs

23. Type of Economy where Supply and demand determine prices with little gov intervention

  • Command
  • Market
  • Mixed
  • Traditional

24. Which of these jobs is involved in production?

  • Secretary
  • Factory worker
  • Truck driver
  • Zoo keeper

25. When something given up for something else is called?

  • Choice
  • Capitalism
  • Inflation
  • Opportunity Cost

26. What term refers to a good that leaves a country?

  • Export
  • Import
  • Trade
  • Distribution

27. Services provided by people

  • human resource
  • import
  • scarcity
  • consumer

28. The amount available

  • supply
  • demand
  • import
  • natural resource

29. How much of a good or service consumers want

  • demand
  • spending
  • producer
  • scarcity

30. A person who purchases a good or service

  • consumer
  • taxes
  • supply
  • good

31. A person who provides a good or service

  • producer
  • need
  • want
  • consumer

32. Things purchased by consumers

  • goods
  • consumer
  • producer
  • supply

33. How much of something is available

  • supply
  • demand

34. The amount of money we pay for a good or service

  • currency
  • price
  • inflation
  • economics

35. Something we use from nature

  • natural resource
  • human resource
  • capital resource
  • entrepreneur

36. The place where goods and services are exchanged

  • barter
  • currency
  • market
  • resource

37. Something we pay for that we can touch

  • goods
  • services

38. How much people want something

  • supply
  • demand

39. The using up of a resource

  • scarcity
  • supply
  • services
  • consumption

40. Not being able to meet all wants at the same time

  • demand
  • supply
  • scarcity
  • None of these

41. Actions that people do for others

  • goods
  • services
  • supply
  • None of these

42. A farmer would fall under which economic activity?

  • Primary
  • Secondary
  • Tertiary
  • All of above

43. New technology that increases the speed of production would have what impact on the prices of goods?

  • Prices would lower
  • Prices would increase
  • Prices would stay the same
  • Business would close

44. What term refers to a good that comes into a country?

  • Trade
  • Migration
  • Export
  • Import

45. A good made in the United States and sent to other countries

  • export
  • consumer
  • savings
  • taxes

46. Goods made to use in the production of other goods

  • capital resouces
  • demand
  • taxes
  • export

47. What do you call someone who makes or provides a good or service for purchase?

  • Producer
  • Consumer
  • Demand
  • Supply

48. What is a good which is produced domestically but sold in a foreign country?

  • Import
  • Export
  • Gross Domestic Product
  • Human Development Index

49. What is the calculation of the value in USD of all the goods and services

  • Import
  • Export
  • Gross Domestic Product
  • Human Development Index

50. An increase in competition would have what effect on price?

  • Price goes up
  • Price stays the same
  • Price goes down
  • It explodes

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